A sad day for the entertainment outlet.
Xtra-Vision is to cease trading from Wednesday, it has been confirmed, with the loss of almost 600 jobs.
The legendary video rental firm has over 80 stores in the Republic and Northern Ireland.
Oxtermont Ltd – the holding company of Xtra-Vision Entertainment Limited – said in a statement: “This move is a direct result of the market decline of shop counter rental as changing dynamics in consumer behaviour has led to customers favouring the retail opportunity in the entertainment market.
“This has resulted in a 30% drop year on year in over the counter DVD rental.”
The company is now expected to brief employees about their redundancy entitlements.
“Over the coming days we will be in contact with all creditors of the company. However, it is important to note that any Xtra-Vision gift vouchers will be honoured by HMV which is not affected by this liquidation,” they add.
